Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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XBTUSD (Bitcoin) is now trading below MA200 and EMA200 on the 4H Timeframe, signaling that the bears are now gaining control.
Prices have been slowly dropping since a peak was hit on the 13-Feb. There is the possibility that this becomes a strong correction, the biggest one before the halving but this is yet to fully confirm.
So far we have a normal retrace and Bitcoin is still looking pretty strong. But the bears are gaining momentum, we remain bearish as long as prices continue moving below support.